Global rally pulls up Indian markets

DOMESTIC REVIEW/ BULLION

The rally continued on the domestic bullion market, driven by rising industrial and speculative demand that also swept international markets.

During the week ended June 26, spot gold (99.50 purity) closed higher from last week's close of Rs 5880 at Rs 6030 per 10 gram. Spot gold (99.90 purity) rose from Rs 5915 to Rs 6065.

Spot silver (.999) also closed on a bullish note at Rs 9760 from last week's Rs 9585 per kilogram.

On the National Commodity Derivatives Exchange (NCDEX), the July contract rose to Rs 5940.35 from previous week's close of Rs 5825.25 amid an open position of 381800 gram. Volumes stood at 94800 gram.

August gold contract witnessed a minor rise to Rs 5945.50 from Rs 5797.15. The volumes were 87600 gram. Open interest stood at 167600 gram.

The September contract increased to Rs 5962.35 from Rs 5836.00 on Monday, with open positions worth 23400 gram and a volume of contract of 10800 gram.

The pure gold (kilo) July contract closed at Rs 5945 from Rs 5802, with an open interest of just 77 kg and a volume of 8 kg.

The August contract closed at Rs 5964, up from the previous week of Rs 5800, amid an open interest of 39 kg, and a volume of 41 kg.

The volumes of NCDEX July silver futures volumes rose to 6735 kg while open interest stood at 22700 kg. The price rose from Rs 9338.10 to Rs 9480.55.

August silver futures volumes stood at 2135 kg while open interest increased to 9925 kg. The price rose to Rs 9487.75 from Rs 9269.75.

On the Multi Commodity Exchange of India (MCX) the August gold contract rose from Rs 5824 to Rs 5991, amid an open interest of 1240 kg and a volume of contract of 1222 kg.

August 13 mini gold on MCX rose to Rs 5977 as against previous week's close of Rs 5824. The volume of contracts rose from 32 kg to 37 kg, and open interest moved from to 23 gram to 54 kg.

The July silver contract closed up at Rs 9550 compared to the previous week's close of Rs 9533. The volume of contract fell to 12780 kg from 49980 kg and the open interest was 14550 kg.

The September silver contract closed higher at Rs 9577 on Friday from Rs 9548 last week. The open positions stood at 17520 kg and the volume of contract was 19380 kg.

The July contract for mini-silver closed at Rs 9522 from Rs 9531 last week. The open interest closed at 545 kg and the volume of contract stood at 410 kg.

The September mini-silver contract closed at Rs 9565 compared to Rs 9528 the previous week. The open interest stood at 270 kg with a volume of 280 kg.